Albany, NY -- (SBWire) -- 04/13/2019 --Bio Solvents Market: Drivers and Trends Snapshot

The global bio solvents market is primarily driven by volatile petrochemical prices associated with growing health concerns due to VOC presence in conventional solvents. In addition, stringent regulations by DEFRA, EPA and REACH with respect to toxicity content in conventional solvents have fueled the growth of bio solvents. This trend is projected to have a positive impact on the global market growth over the next six years. Further, increasing penetration of bio solvents in coatings, paints, sealants and adhesives and printing inks is projected to have a positive impact on the growth of bio solvent market.

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Furthermore, increasing spending on construction coupled with positive outlook of the automotive industry specifically in emerging markets of Asia Pacific and Latin America due to growing industrialization and urbanization rates are expected to drive demand for paints and coatings. Growing demand for paints and coatings is expected to further boost the global bio solvents market growth. In addition, increasing consciousness regarding harmful effects of conventional solvents in personal care and pharmaceutical products is expected to further drive bio solvents demand in the respective applications.

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Understanding the market demand, manufacturers are focusing on increasing investment on R&D to increase bio solvents application scope in cosmetics and pharmaceutical applications. High production costs combined with bio solvents is expected to remain a key challenge for industry participants. New product innovation and advancements in production technologies are expected to counter such challenges during the forecast period.

Bio Solvents Market: Segmentation

Global bio solvents market is segmented into product type, application type and geography. Based on product type the market is segmented into soy methyl esters, glycols, lactate esters, and alcohol among others such as polyhydroxyalkanoates, d-limonene and diols. On the basis of application, bio solvents market is segmented into paints & coatings, printing inks, adhesives and sealants among other niche applications such as cosmetics and pharmaceuticals. The major product segment lactate ester accounted for just below one-third of total market in terms of volume in 2013. Increasing lactate ester solvents demand in printing inks, coatings and industrial applications is projected to drive the market growth during the forecast period.